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FamilyMint believes in the importance of forming the right
financial behaviors in kids, and they strive to teach the importance of saving,
setting, and achieving goals. Your children may be toddlers, preschoolers, or only
in their elementary years, but it’s never too early to begin saving for their
college. Parents should be proactive when it comes to saving, setting, and
achieving goals regarding their children’s college education.

College is still a good investment in your child’s future.
According to the U.S. Census Bureau, “people with four-year degrees earn nearly
twice as much as those with high school diplomas.” Fortunately, there are many
resources available to guide parents along the path of saving for college.

The cost of your child’s college tuition will depend greatly
on what type of school they will attend and when they will begin college.
According to BabyCenter.com, “private colleges and universities are two to four
times more expensive than state schools.” While it’s conceivable that college
costs will rise over the years, remember that your income will likely increase
as well. Parents can get an estimate of college fees for their child by using
BabyCenter.com’s Cost of
Raising a Child Calculator .

Keep in mind that financial aid is available for most
students. According to BabyCenter.com, “about 83 percent of students in private
schools and 68 percent in public schools receive some type of financial aid.” MoneyCNN.com
provides information about federal student loans available to consumers including
specifics about Perkins Loans, Subsidized
Direct Stafford Loans, and Unsubsidized Direct Stafford Loans. The first step
in obtaining a federal student loan is to complete the Free Application for Federal Student Aid
(FAFSA).

Parents may also want to consider opening a 529 college
savings plan for their children. A 529 college savings plan is an investment
account that allows you to set aside money for your child’s education and let
it grow tax-free. According to HowStuffWorks.com,
“a 529 college savings plan is a very simple way to save money for your kids'
(or anyone else’s) college education.” Here are some of the benefits listed on
their website:

You can start an account with as little as $25.

You pay no federal taxes on the account’s
earnings, and there may be state tax benefits as well.

The child doesn’t have control of or access to
the account -- you do.

If the child doesn’t want to go to college, you
can roll the account over to another family member.

Anyone can contribute to the account.

There are no income limitations that might make
you ineligible for an account.

Most states have no age limit for when the money
has to be used.

You can use the money in a 529 plan at any
accredited college or university in the country.

Another great online tool to help families save for college
is TheGiftofEducation.com, a gift
registry for educational funds. Parents can open a free account, create a
profile for their child, and then invite family and friends to contribute.

Additional websites that can provide parents with
information about saving for their child's education include:

Regardless of the path you take towards saving
for your child’s college education, remember it’s never too early to begin the
process. It just takes being proactive and diligently working towards the goal in small and manageable steps.